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Realistically speaking, what is the income amount you're moving towards. The amount that once you make x amount, you will no longer look for a job thinking I wanting to increase my pay. I get this amount will be different depending on where you live but I'm just curious as to what people. I feel like my number changes every time I get a higher paying job.
Too many variables to answer your question but Charles Dickens has it right. Maintain your current standard of living even if your income increases and you'll have more than enough. If you try to live in a more expensive manner every time you make more money, you'll never have enough.
Too many variables to answer your question but Charles Dickens has it right. Maintain your current standard of living even if your income increases and you'll have more than enough. If you try to live in a more expensive manner every time you make more money, you'll never have enough.
Agreed. I thought I would never reach a level OP is speaking of - not wanting to increase my income. But here I am, thinking I don't need any more money, but having more free time would be great.
If I make more money it would all go to savings, but I think we save enough as it is, so earning more is not a priority at all.
Recently my husband lost a job, and quickly had an offer for another. This new job came with about 15% pay cut from his old job, but it's a dream job - something he was doing for years as a hobby. We both immediately agreed he needed to take it.
Although we are in the Personal Finance forum, I will say that - money is not everything .
To actually cover our expenses comfortably and leave enough for charity and putting our kids through college? I'd be really happy with $175k as my husband's peak earnings. But we are a single income household of eight people, and though we are frugal that still takes a fair bit of cash to pull off.
This isn't a huge jump from where we are and should be attainable in the next five to ten years. But I am also actively resisting lifestyle inflation for us.
I structured things so I can live fine on $60K net. Anything above that lands in savings & investment. To hit my pre-tax and after-tax savings & investment goals, my gross needs to be a heck of a lot higher than that.
I structured things so I can live fine on $60K net. Anything above that lands in savings & investment. To hit my pre-tax and after-tax savings & investment goals, my gross needs to be a heck of a lot higher than that.
My situations is actually similar. Im at a point where more money just goes to savings and investing not changing my lifestyle.
There have been times in my life when I had no spare time but I had plenty of money. There have been other times when I had lots of time but no money. I kind of flopped back and forth between these two extremes for years.
I think it is best to earn how much you 'need', plus a small bit so you can have coin in your pocket.
I used to be tasked with doing a lot of personal budget counseling. Junior service members would be just fine on $1,000/month. As each year goes by, they get gradual pay bumps, and every couple years they get an advancement so their salary goes up. Often by the time they were making $5,000/month they got into crazy debt.
So how come a guy can do fine on $1,000/month, but get into trouble making $5,000/month? The climb in pay is slow and gradual, and with each bump in pay, they sub-consciously increased their spending.
It was my job to remind them of what their budget was back when they were making $2,000/month and how they were able to support their family.
Not everyone can control their income easily, but everyone can control spending. If you control your spending, then you can budget for investing.
250k. But like others above, I'd live pretty much the same way and really bulk up investments etc. with a goal towards early retirement or at least financial independence where I didn't have to stay at my professional job.
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